Wednesday, July 24, 2024

DDA Initiates E-Auction of Premium Flats, Including Penthouses, Starting January 5, 2024

The Delhi Development Authority (DDA) is set to launch the e-auction process for its upscale apartments and penthouses from January 5, 2024, as part of its Festival Special Housing Scheme 2023, according to officials familiar with the matter. Under this scheme, the DDA has put up over 1,130 luxury apartments for sale, encompassing various categories such as Super HIG, HIG (High Income Group), MIG, and Penthouses.

Registrations for these premium properties, including penthouses and MIG flats, commenced on November 30, and the response from potential buyers has been positive. The bidding for luxury and MIG apartments is scheduled to kick off on January 5, with a detailed category-wise schedule expected to be announced in the coming week, as disclosed by a senior DDA official speaking on condition of anonymity.

In the luxury segment, the DDA is offering three categories of flats: Super HIG, HIG, and penthouses. Notably, there are 14 duplex penthouses, four-bedroom apartments with a plinth area of 424 square meters. The complex, located in Dwarka’s Sector 19B and estimated to cost Rs 700 crore, features 11 towers.

The auction will also include 170 Super HIG flats and 946 HIG flats in the same Dwarka complex. Additionally, the DDA will auction 963 2BHK MIG flats situated in Dwarka’s Sector 14 and Lok Nayak Puram, a developing locality in West Delhi.

Regarding pricing, reserve prices for luxury penthouses and Super HIG flats will commence at Rs 5 crore and Rs 2.5 crore, respectively. HIG apartments have a reserve price of Rs 1.4 crore, while MIG flats start from Rs 1 crore.

In a departure from traditional DDA allotment methods, where flats are assigned on a first-come-first-served basis, the e-auction process will be employed for allotting penthouses, luxury apartments, and MIG flats in Dwarka and Lok Nayak Puram. The decision for e-auction was made following consultations with real estate experts to ensure justified pricing, considering the prime locations of these properties in proximity to the IGI Airport, an upcoming golf course, a metro station, and a convention center, as stated by the official.

Penthouses will boast terrace gardens, and the luxury housing complex in Sector 19B will feature larger-than-usual green spaces. The DDA is facilitating property visits for potential buyers who register on the DDA portal, with physical visitation camps set up at the Dwarka sector 19B housing complex to enhance the home-buying experience.

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